Car is Here Soon. What Should I Do Now? Need help! (Financing)
#1
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Car is Here Soon. What Should I Do Now? Need help! (Financing)
Just got an email from the dealer. Got the VIN number, and ETA is Jan 13th. My questions is, when do I start working on the financing? I am going either do it at my bank, or online (peoplefirst.com). Will I be able to get the loan before the car is here? with VIN number. Or I'll have to wait til the car gets to the lot then start my financing process. Because dont I have to pick up the car within 48 hours? so I would like to get the financing done and ready when the car is here.
This is my first time buying with my own name, so please help me with as much info as possible.
Thank you
This is my first time buying with my own name, so please help me with as much info as possible.
Thank you
#2
Registered User
iTrader: (8)
Join Date: Sep 2002
Location: Charlottesville, Virginia
Posts: 5,753
Likes: 0
Received 4 Likes
on
4 Posts
I used PeopleFirst.com but, the dealer may be able to get a competetive rate with a local bank. The great thing about PF.com is that you can apply, get the blank check and there is no obligation to use it. Good luck and enjoy. BTW, we expect pics
#3
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Thanks for the reply. So they will just send me a loan check, and if I decide to use the loan, I simply just deposit it. If not, just void the check? Will I have to mail them(peoplefirst.com) the pinkslip or the dealer will take care of it? They have the ownership of the car correct?
#4
Registered User
Join Date: Nov 2003
Location: Torrance, CA
Posts: 1,007
Likes: 0
Received 0 Likes
on
0 Posts
Congrats on getting your car soon! When did you order it? I've used Kinecta Federal CU for my last 4 car loans. They give me a check in the amount I needed, say $25,000, payable to the dealer. The dealer then sends the pink slip to the CU, as they now have ownership of the car until you pay off the loan.
#5
Registered User
Join Date: Sep 2003
Location: Gateway City
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
FYI, PeopleFirst has a very bad reputation around the Midwest. PeopleFirst wil approve almost anyone initially and their "blank check" service at first glance seems very attactive. However, many dealerships around here in the Midwest no longer accept PeopleFirst's "blank check" and have had to repo several customer cars because the so named "blank check" bounced and PeopleFirst refused to honor their initial credit approval. PeopleFirst has tainted online lending for many uninformed consumers. My advice--- check with your dealership first about PeopleFirst "blank check" acceptance, your bank or credit union will most likely offer decent rates with decent credit. Hang tight.
#6
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by Bertg
Congrats on getting your car soon! When did you order it? I've used Kinecta Federal CU for my last 4 car loans. They give me a check in the amount I needed, say $25,000, payable to the dealer. The dealer then sends the pink slip to the CU, as they now have ownership of the car until you pay off the loan.
Congrats on getting your car soon! When did you order it? I've used Kinecta Federal CU for my last 4 car loans. They give me a check in the amount I needed, say $25,000, payable to the dealer. The dealer then sends the pink slip to the CU, as they now have ownership of the car until you pay off the loan.
I now have some idea on how this works. Anyone else have experience thu peoplefirst.com?
Thanks for the replys
Trending Topics
#8
Registered User
Join Date: Jun 2003
Location: Chicago
Posts: 404
Likes: 0
Received 0 Likes
on
0 Posts
Sept - Jan... wow, that seems like kind of a long lead time... Most people are getting them w/in 2 - 2.5 months... Anyway...
I have a question for you... you didn't lock in a financing rate when you bought the car? Just curious b/c that's something I'm negotiating with dealers right now. I refuse to buy a car without being locked into a good rate... how else can you make a proper budget and make sure you can afford the car? I don't want to scare you, but I know some people who have bad credit who have been quoted car loan rates anywhere from 12% - 20%. That's just ridiculous. Also, the current rate for 350Z's as I understand it is about 4.5%. Anything more and the dealer is skimming off the top... taking points.
N.
I have a question for you... you didn't lock in a financing rate when you bought the car? Just curious b/c that's something I'm negotiating with dealers right now. I refuse to buy a car without being locked into a good rate... how else can you make a proper budget and make sure you can afford the car? I don't want to scare you, but I know some people who have bad credit who have been quoted car loan rates anywhere from 12% - 20%. That's just ridiculous. Also, the current rate for 350Z's as I understand it is about 4.5%. Anything more and the dealer is skimming off the top... taking points.
N.
#10
Registered User
Join Date: Dec 2002
Location: Washington, USA
Posts: 160
Likes: 0
Received 0 Likes
on
0 Posts
I used peoplefirst.com to get my loan at 4.25% back in December. I heard that Peoplefirst had a bad rep among dealers, but they are now owned by CapitalOne. You should have no problem.
I got my blank check in a week, but you can speed up the process by paying a fee. My dealer managed to beat the rate at 4.15% through another bank, so I went with them. Once you get an account, you can go to Peoplefirst's web-site and cancel your blank-check. Pretty simple.
I got my blank check in a week, but you can speed up the process by paying a fee. My dealer managed to beat the rate at 4.15% through another bank, so I went with them. Once you get an account, you can go to Peoplefirst's web-site and cancel your blank-check. Pretty simple.
#11
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by Nothing
Sept - Jan... wow, that seems like kind of a long lead time... Most people are getting them w/in 2 - 2.5 months... Anyway...
I have a question for you... you didn't lock in a financing rate when you bought the car? Just curious b/c that's something I'm negotiating with dealers right now. I refuse to buy a car without being locked into a good rate... how else can you make a proper budget and make sure you can afford the car? I don't want to scare you, but I know some people who have bad credit who have been quoted car loan rates anywhere from 12% - 20%. That's just ridiculous. Also, the current rate for 350Z's as I understand it is about 4.5%. Anything more and the dealer is skimming off the top... taking points.
N.
Sept - Jan... wow, that seems like kind of a long lead time... Most people are getting them w/in 2 - 2.5 months... Anyway...
I have a question for you... you didn't lock in a financing rate when you bought the car? Just curious b/c that's something I'm negotiating with dealers right now. I refuse to buy a car without being locked into a good rate... how else can you make a proper budget and make sure you can afford the car? I don't want to scare you, but I know some people who have bad credit who have been quoted car loan rates anywhere from 12% - 20%. That's just ridiculous. Also, the current rate for 350Z's as I understand it is about 4.5%. Anything more and the dealer is skimming off the top... taking points.
N.
I havent talk to the dealer about the financing yet. Just want to know my options before I walk into the dealer. I am downing 1/3 of the car, and financing the rest. I have a pretty high credit score(checked it 1 month ago), so I think I would have no problem getting a low rate. Just wanna see whos got the lowest one.
#12
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by Nothing
...and one more question... what the hell is the girl in your sig saying?
N.
...and one more question... what the hell is the girl in your sig saying?
N.
#13
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by Tweety-nator
I used peoplefirst.com to get my loan at 4.25% back in December. I heard that Peoplefirst had a bad rep among dealers, but they are now owned by CapitalOne. You should have no problem.
I got my blank check in a week, but you can speed up the process by paying a fee. My dealer managed to beat the rate at 4.15% through another bank, so I went with them. Once you get an account, you can go to Peoplefirst's web-site and cancel your blank-check. Pretty simple.
I used peoplefirst.com to get my loan at 4.25% back in December. I heard that Peoplefirst had a bad rep among dealers, but they are now owned by CapitalOne. You should have no problem.
I got my blank check in a week, but you can speed up the process by paying a fee. My dealer managed to beat the rate at 4.15% through another bank, so I went with them. Once you get an account, you can go to Peoplefirst's web-site and cancel your blank-check. Pretty simple.
Edit: I just did the application. It turn out that the rate is "as low as" 4.45. I got approved for 5.99 @ 48 months. I might try my companie's credit union for lower loan.
Last edited by Phatmitzu; 01-05-2004 at 06:19 PM.
#15
Registered User
iTrader: (6)
Join Date: Jun 2002
Location: Torrance
Posts: 1,008
Likes: 0
Received 0 Likes
on
0 Posts
Phatmitsu,
your credit union usually will give you another .5% off if you let them take the money out of your bank account. Most credit unions do this, but yeah, get the financing first, that way their financing guy won't try to screw you into some lame how much can you afford deal. Did you talk with Jeff at performance, he says he can get 1000 off msrp if you talk to him first.
good luck.
your credit union usually will give you another .5% off if you let them take the money out of your bank account. Most credit unions do this, but yeah, get the financing first, that way their financing guy won't try to screw you into some lame how much can you afford deal. Did you talk with Jeff at performance, he says he can get 1000 off msrp if you talk to him first.
good luck.
#16
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by islandsnow
Phatmitsu,
your credit union usually will give you another .5% off if you let them take the money out of your bank account. Most credit unions do this, but yeah, get the financing first, that way their financing guy won't try to screw you into some lame how much can you afford deal. Did you talk with Jeff at performance, he says he can get 1000 off msrp if you talk to him first.
good luck.
Phatmitsu,
your credit union usually will give you another .5% off if you let them take the money out of your bank account. Most credit unions do this, but yeah, get the financing first, that way their financing guy won't try to screw you into some lame how much can you afford deal. Did you talk with Jeff at performance, he says he can get 1000 off msrp if you talk to him first.
good luck.
Yeah, I did ordered mine at Performance Nissan and did get a pretty nice deal from them.
#17
New Member
we went through my credit union. we applied first. we told them what type of car it was. we didnt even have a vin at the time. they processed us and were approved. then a few months later when we bought the car at the dealership, we were given the paperwork and then we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.
#18
Registered User
Join Date: Jun 2003
Location: Chicago
Posts: 404
Likes: 0
Received 0 Likes
on
0 Posts
You have a Z and live in honolulu... isn't everything just about 2 - 3 minutes from you house?
N.
N.
Originally posted by ragtopz
we went through my credit union. we applied first. we told them what type of car it was. we didnt even have a vin at the time. they processed us and were approved. then a few months later when we bought the car at the dealership, we were given the paperwork and then we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.
we went through my credit union. we applied first. we told them what type of car it was. we didnt even have a vin at the time. they processed us and were approved. then a few months later when we bought the car at the dealership, we were given the paperwork and then we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.
#19
New Member
Thread Starter
iTrader: (34)
Join Date: Oct 2002
Location: SoCal (626)
Posts: 2,762
Likes: 0
Received 0 Likes
on
0 Posts
Originally posted by ragtopz
...we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.
...we drove over to the credit union and processed the loan. the credit union then called the dealership and mailed them the check. it was pretty easy actually. fortunately, the dealership, credit union and my home are about 2-3 minutes apart from each other.
Oh, does anyone know how much time do I have for me the process my finance after the car gets here? How long will the dealer hold the car for me?
#20
Registered User
iTrader: (6)
Join Date: Jun 2002
Location: Torrance
Posts: 1,008
Likes: 0
Received 0 Likes
on
0 Posts
Depends on the dealer, some will make you fill out their financing forms with a higher % rate just in case your financing doesn't come through, but usually will wait at least 2 weeks to get your financing straightened out. Wont take longer than that anyways.